Gucci Limited — the UK arm of the Kering-owned megabrand — has filed its accounts for 2024 and in some ways they’re a repeat of what happened exactly a year ago.

Back then the company said it was “satisfied with the performance” of the business despite lower sales. And this time? It explained that the directors are “comfortable” with the performance, even though sales have fallen further.

Looking at the numbers, turnover for the year fell to £147.335 million from £184.644 million (in 2023 turnover had been more than £206 million).

Operating profit for the latest year dropped to £9.444 million from £10.935 million, while profit before tax dropped to £3.699 million from £4.891 million and net profit fell to £2.671 million from £4.157 million. But the gross profit margin increase to 66.1% from 62.2%.

Those figures need to be seen in the context of the wider Gucci brand around the world that has been struggling in recent periods, and also of the ongoing luxury slowdown.

During the year that the figures cover, the company had a different CEO and creative chief than it has today with it having seen a lot of change this year as its parent company sought to reignite sales growth not just in the UK but globally. In fact, Gucci has had two recent CEO changes with Kering saying only last month that Francesca Bellettini is the new chief executive of its flagship brand, replacing Stefano Cantino who’d spent just nine months in the role.